There was little sense of surprise in the custody industry Thursday when ING announced it had appointed the Bank of New York as its global custodian – the two banks have had a formal joint venture in European custody for several years.
The Bank of New York will manage ING’s €2.2 billion fixed income portfolio.
Stichting Pensioenfonds ING has approximately €10 billion assets and the majority of the residual balance is invested in mutual funds, already custodised by The Bank of New York.